USOIL/ XTIUSD SHORT/SELL
🔰 Pair Name : XTIUSD
🔰 Time Frame : 4hrs/ Daily
🔰 Scale Type : Long Scale
🔰 Direction : Short/ Sell
As a professional trader, I would like to highlight the key resistance levels for WTI crude oil. The primary resistance areas are located at $80.00, within the daily supply zone, and at $77.30, represented by the 200-day moving average (MA).
Conversely, crucial support levels can be identified at $75.00 and $72.50, which form the weekly market imbalance area below.
Upon analyzing the daily chart, it is evident that the bulls are currently testing the 200-day moving average in conjunction with the channel resistance, specifically around the $77.2 price area. This particular resistance has proven significant since August 2022. Additionally, the Relative Strength Index (RSI) is approaching overbought levels, signalling a potential pullback, akin to the price action observed in early April. Consequently, traders should closely monitor the psychological handle of $75.00 as a pivotal level from a bearish perspective.
Meanwhile, bullish traders will be eager to witness a confirmation close above the critical resistance zone, as this could signal a potential move towards the $80.00 level.
In conclusion, as professional traders, it is essential to attentively observe these price levels and market indicators to make well-informed trading decisions, capitalise on potential opportunities, and exercise caution in the face of potential risks.
🔰 Time Frame : 4hrs/ Daily
🔰 Scale Type : Long Scale
🔰 Direction : Short/ Sell
As a professional trader, I would like to highlight the key resistance levels for WTI crude oil. The primary resistance areas are located at $80.00, within the daily supply zone, and at $77.30, represented by the 200-day moving average (MA).
Conversely, crucial support levels can be identified at $75.00 and $72.50, which form the weekly market imbalance area below.
Upon analyzing the daily chart, it is evident that the bulls are currently testing the 200-day moving average in conjunction with the channel resistance, specifically around the $77.2 price area. This particular resistance has proven significant since August 2022. Additionally, the Relative Strength Index (RSI) is approaching overbought levels, signalling a potential pullback, akin to the price action observed in early April. Consequently, traders should closely monitor the psychological handle of $75.00 as a pivotal level from a bearish perspective.
Meanwhile, bullish traders will be eager to witness a confirmation close above the critical resistance zone, as this could signal a potential move towards the $80.00 level.
In conclusion, as professional traders, it is essential to attentively observe these price levels and market indicators to make well-informed trading decisions, capitalise on potential opportunities, and exercise caution in the face of potential risks.
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XTIUSD potentially finished liquidity grab
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